Issue - meetings

To consider the Second Financial Review.

The Committee considered the Second Financial Review for 2025/26, which provided an update on the Council’s financial position at mid-year. Members noted that the net revenue budget for the year was £360.2m and that a forecasted overspend of £2.345m remained after applying mitigation measures. Key pressures were highlighted in Children’s Services and the Dedicated Schools Grant (DSG), with the DSG deficit projected to rise to £145.9m by year-end.

The Committee noted progress on delivering savings, with £11.8m achieved against a target of £24.4m and that further actions were being implemented to manage demand and reduce costs.

The Committee thanked officers for the report and agreed that the report and information provided Members with much more clarity on the financial position of the Council.

RESOLVED:

That the Corporate Policy Committee

1. Note the overall Council’s Financial Position as described within the Executive Summary – Council Financial Position, of the report.

2. Note the latest revenue forecast for the Corporate Policy Directorate, review progress on the delivery of the MTFS approved budget policy change items (Table 3), the RAG ratings and to understand the actions to be taken to address any adverse variances from the approved budget.

3. Note the overall in-year forecast of capital spending for the Corporate Policy Directorate of £13.298m against a revised MTFS budget of £10.125m in Tables 4 and 5 of the report.

4. Note the available reserves position in Table 6 of the report.